US open: Stocks mixed as traders look ahead to Powell comments
Wall Street trading got off to a mixed start on Tuesday as traders look ahead to tomorrow's speech from Federal Reserve chairman Jerome Powell.
As of 1450 GMT, the Dow Jones Industrial Average was down 0.12% at 34,053.44, while the S&P 500 slipped 0.15% to 4,359.26 and the Nasdaq Composite came out the gate 0.13% firmer at 13,535.75.
The Dow opened 42.42 points lower on Tuesday, putting the blue-chip's recent rally on ice ahead of hotly anticipated comments from Federal Reserve chairman Jerome Powell later in the week.
Investors were seemingly searching for direction early on Tuesday after all three major indices delivered their best week of the year last week after the Federal Reserve opted to leave interest rates unchanged.
Focus will remain on the Federal Reserve this week, with chairman Jerome Powell set to give his assessment of the current state of the US economy on Wednesday.
Early on Tuesday, the yield on the benchmark ten-year Treasury note was nearly five basis points lower at 4.603%, while its two-year counterpart was changing hands marginally higher at 4.932%.
Energy prices were also drawing an amount of investor attention after hitting a two-month low as a result of Chinese trade and German manufacturing data highlighting decreased demand, with West Texas Intermediate down 2.49% at $78.81 a barrel and Brent Crude dropping 2.34% at $83.19 per barrel.
On the macro front, the US trade deficit in goods ticked up to $85.8bn in September, according to the Census Bureau, from an upwardly revised print of $84.6bn in August. Exports rose 2.9% to $174.0bn, while imports grew 2.4% to $259.8bn.
Elsewhere, Minneapolis Federal Reserve president Neel Kashkari said he wasn't convinced that the central bank's rate-hiking programme was over just yet, noting the Fed's primary goal was to bring inflation fully down to its 2% target, while Chicago Fed head Austan Goolsbee said a "golden path" soft landing that would see the US avoid a recession was still on the cards.
Federal Reserve bankers Christopher Waller, John Williams, and Lorie Logan will also deliver speeches throughout the course of the day.
In terms of earnings, DR Horton beat fourth-quarter estimates with its latest set of earnings, citing tight housing supply, while ridesharing giant Uber posted revenues that missed estimates, principally due to a change in accounting methods.
H&R Block, eBay, and GoPro were all slated to report their latest quarterly numbers after the close.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Salesforce.Com Inc. (CRM) $210.13 1.30%
Verizon Communications Inc. (VZ) $35.84 0.56%
Microsoft Corp. (MSFT) $358.27 0.49%
Intel Corp. (INTC) $38.13 0.47%
Unitedhealth Group Inc. (UNH) $535.28 0.34%
Nike Inc. (NKE) $107.60 0.32%
Walmart Inc. (WMT) $165.35 0.29%
Walt Disney Co. (DIS) $84.22 0.24%
Amgen Inc. (AMGN) $273.05 0.08%
Visa Inc. (V) $243.65 0.06%
Dow Jones - Fallers
Dow Chemical Co. (DOW) $48.34 -2.03%
Caterpillar Inc. (CAT) $234.76 -1.48%
Boeing Co. (BA) $190.40 -1.32%
Chevron Corp. (CVX) $145.23 -1.20%
3M Co. (MMM) $92.75 -0.82%
JP Morgan Chase & Co. (JPM) $143.21 -0.60%
Cisco Systems Inc. (CSCO) $53.03 -0.49%
Travelers Company Inc. (TRV) $168.95 -0.35%
International Business Machines Corporation (CDI) (IBM) $148.49 -0.32%
Goldman Sachs Group Inc. (GS) $323.00 -0.28%
S&P 500 - Risers
TripAdvisor Inc. (TRIP) $17.25 7.08%
International Flavors & Fragrances Inc. (IFF) $76.62 5.92%
Gen Digital Inc. (GEN) $18.48 5.87%
Apartment Investment & Management Co. (AIV) $6.36 3.33%
Intuit Inc. (INTU) $508.25 1.55%
Humana Inc. (HUM) $494.78 1.53%
D. R. Horton Inc. (DHI) $119.51 1.52%
Salesforce.Com Inc. (CRM) $210.13 1.30%
VF Corp. (VFC) $16.15 1.22%
Expedia Group Inc. (EXPE) $112.92 1.19%
S&P 500 - Fallers
Air Products & Chemicals Inc. (APD) $266.41 -8.54%
Emerson Electric Co. (EMR) $84.27 -8.14%
Zimmer Biomet Holdings Inc (ZBH) $104.65 -4.25%
Dish Network Corp. (DISH) $3.30 -4.08%
Diamondback Energy Inc. (FANG) $154.13 -3.75%
Celanese Corp. (CE) $115.84 -3.49%
Apache Corp. (APA) $37.93 -3.49%
National Oilwell Varco Inc. (NOV) $19.27 -3.46%
CenturyLink Inc. (LUMN) $1.27 -3.41%
HF Sinclair Corporation (DINO) $53.91 -3.39%
Nasdaq 100 - Risers
Biomarin Pharmaceutical Inc. (BMRN) $82.61 8.39%
Gen Digital Inc. (GEN) $18.48 5.87%
Intuit Inc. (INTU) $508.25 1.55%
Expedia Group Inc. (EXPE) $112.92 1.19%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $390.00 1.04%
Electronic Arts Inc. (EA) $130.39 0.87%
Adobe Systems Inc. (ADBE) $570.23 0.85%
Amazon.Com Inc. (AMZN) $140.84 0.79%
Take-Two Interactive Software Inc. (TTWO) $135.35 0.73%
Workday, Inc. (WDAY) $219.76 0.63%
Nasdaq 100 - Fallers
Qurate Retail Inc. (QRTEA) $0.66 -4.36%
Dish Network Corp. (DISH) $3.30 -4.08%
Vertex Pharmaceuticals Inc. (VRTX) $373.98 -3.05%
JD.com, Inc. (JD) $26.49 -2.31%
Wynn Resorts Ltd. (WYNN) $93.36 -1.87%
Trip.com Group Limited (TCOM) $33.43 -1.68%
Micron Technology Inc. (MU) $71.95 -1.34%
Western Digital Corp. (WDC) $42.61 -1.30%
Liberty Global plc Series C (LBTYK) $17.37 -1.25%
PACCAR Inc. (PCAR) $85.36 -1.17%